Category Archives: Bitcoin

It has been a while since we last looked at bitcoin scam sites, even though they are even more common than ever before. Coinomia is another cloud mining Ponzi Scheme that aims to defraud users. The company makes some very bold claims which are not backed by any solid or credible evidence by any means. Avoid this company at all times and invest wisely.

A lot of companies who claim to be active in the world of bitcoin and cryptocurrency require a lot of budget to set up mining operations. That being said, it would appear there are so many companies active in the world of cloud mining bitcoin, even though there are very few legitimate offerings available. Coinomia is definitely not a legitimate mining company, as they provide no evidence whatsoever.

When one opens the Coinomia website, it becomes evident the company is trying to trick as many users into investing as possible. The company also claims to be mining since 2014, yet there is no proof of this claim being true by any means. It is possible this may have taken place under a different name, although it is unclear which company that would have been. Rest assured this is the first sign of Coinomia being a scam.

Users who sign up with Coinomia will get 3TH/s for signing up. Users who prefer to mine Ethereum will receive 0.58 MH/s of hashing power. It is rather unusual to see companies give away such large amounts of hashing power in exchange for US$100, as it requires a fair amount of hardware to provide these speeds. Then again, Coinomia has no mining hardware in the first place, and all of this free mining power only represents an update in the database.

To top it all off, the mining plan comes with 8% referral commission. The goal of Coinomia is to get users to invite as many people as possible to make sure the people running this cloud mining scheme can fill their pockets. More expensive plans are also available, ranging from US$1,000 to US$10,000. It is rather odd to see these prices not listed in BTC or ETH value, but then again, this is a scam site after all. More expensive plans result in higher referral commissions, which is absolutely bogus.

What is even more troublesome is how Coinomia positions itself as being a mining application, rather than a cloud mining company. They also claim any device or gadget can be used to mine cryptocurrency and earn these returns. That is a very strange business model, considering the company claims to have ASIC chips and mining equipment located in data centers around the world. If that is the case, why do users need to download this software? Very strange indeed.

Not much information can be found about the company itself either. Although Coinomia Technologies LTD has an office address listed on the website, it is doubtful that location houses any office related to this business. Moreover, there is no company registration number, although the team would probably be able to present a company number when requested. All it takes is a bit of cash and the paper is issued automatically. All things considered, it is best to steer away from Coinomia and not lose your money.

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Bitcoin Scam Site Warning Coinomia - The Merkle

Forbes

Bitcoin Is Better Than Gold Forbes Bitcoin has left gold in the dust in recent months. The Bitcoin Investment Trust Shares have almost tripled in value in the last twelve months, gaining more than 30 percent in the last three months alone. Meanwhile, SPDR Gold shares are down 3.78 ... Bitcoin Is Worth More Than An Ounce Of GoldTechFrag all 5 news articles »

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Bitcoin Is Better Than Gold - Forbes

Making Sen$e columnist Vikram Mansharamani assesses whether the recent digital currencys boom is bubble about to bust. Photo by George Frey/Getty Images

The rapidly rising price ofbitcoinis leading many to question if the digital currencys boom is about to bust.Strategist Peter Schiff, for instance, recently warned todays bitcoin could be tomorrows beanie babies. As of this writing, bitcoin is up almost 30 percent in the past month and over 100 percent in the past year.It has been hitting new highs on an almost daily basis and recently crossed the $1,200 mark.So is there a bitcoin bubble about to burst?

As of this writing, bitcoin is up almost 30 percent in the past month and over 100 percent in the past year So is there a bitcoin bubble about to burst?

To try to answer this question, lets apply the framework for spotting bubbles that I articulated in my 2011 book,Boombustology: Spotting Financial Bubbles Before They Burst.The approach is based on the application of five lenses and generates a probabilistic assessment of a forthcoming bust.

Most mainstream economic theories utilize a supply and demand driven price determination model that generally results in pricestendingtoward equilibrium.I say tending because most serious scholars admit that behavioral and informational issues can distort the price at any one point in time, but there exists an overarching belief that such distortions are rapidly ironed out.Markets are, according to this view, basically efficient.Higher prices dampen demand, and lower prices disincentivize supply.

But what if thats not true?What if higher prices increase demand?Such a dynamic might arise for many reasons, but one eloquent explanation is the Theory of Reflexivity, as proposed by George Soros.Although it has many subtleties beyond the self-fulfilling logic that many ascribe to it, the underlying implication is that prices can and do tendawayfrom equilibrium.The result: booms and busts.

READ MORE: In the age of the Panama Papers, is Bitcoin technology the future?

So has the higher bitcoin price been accompanied by higher demand?Its unclear.The evidence is mixed.On the one hand, it sure seems that as news about and interest in bitcoin rises, so does its price. Its been seen as a safe-haven asset during times of elevated geopolitical, financial or regulatory riskand may even attract price-insensitivebuyers at those times.But on the other hand,the volume of trading has not gone up as prices have.And while volume is at best a crude proxy for demand, it tells us about the general activity level.Lens one: half-check.

Another telltale sign of a bubble is the presence of significant leverage supporting lofty prices.And while its unclear if bitcoin prices are bubbly or not, I dont see any evidence that leverage is fueling the potentially elevated prices. There are no futures contracts that enable large exposures with minimal collateral. There are no options that providede factoleverage.Sure, some investors may be utilizing other collateral to secure credit that is in turn used to buy bitcoin, but this is impossible to track.

Another telltale sign of a bubble is the presence of significant leverage supporting lofty prices.

But more importantly, perhaps, we can look at the amount of debt that has been holding up many of the countries that back traditional fiat currencies. (Hint: its not a small number!)In addition, the fact that printing presses around the world continue to print more and more money implies that traditional currencies are being debased at an alarming rate.With a fixed algorithmic release of additional bitcoins into the market and a cap on the total number that will ultimately be issued, the cryptocurrency represents a non-printable currency (similar in this respect to gold).Lens two: blank.

Overconfidence and new-era thinking are the hallmarks of my third lens, psychology. Whenever individuals develop a devout belief that its different this time, buyers beware.It is rarely different, and asset prices have never risen indefinitely.Rather, they generally go up and down, and in this regard, bitcoin prices are no different.

Its also clear that there is increasing agreement that cryptocurrencies are the new new thing and offer the promise of freedom from authoritarian manipulation of monetary instruments.Even investorPeter Thiel noted the promise of bitcoinby highlighting his own failure: Paypal had these goals of starting a new currency.We failed at that, and we just created a new payment system.I think bitcoin has succeeded on the level of new currency.

And like gold bugs, bitcoin believers tend to exhibit religious conviction in the cryptocurrencys ability to store value.They often go further, suggesting the amazing upside potential they exhibit.Internet analyst Henry Blodget has even suggestedbitcoins could be worth $1 millionper coin.In fact,CNBCs Brian Kelly described bitcoin asnot just digital gold it is a once-in-a-generation investment opportunity, similar to the internet, growing just as fast, if not faster its the internet of money.Lens three: check.

My fourth lens is politics, broadly defined to include both regulations and moral hazards.As with any asset, regulations can distort prices by either artificially increasing or dampening supply or demand.

Just think of what happened when political motivations to increase home ownership in the United States nudged more and more people into houses.Without the political incentives, prices may not have risen as handsomely as they did during the housing bubble.Further, the moral hazard endemic in the use of government sponsored mortgage finance enabled lenders to play a game of heads I win, tails you lose.If loans worked out, the lender profited.If it didnt, Fannie Mae or Freddie Mac bore the losses.

When it comes to bitcoin, are there any artificial government interventions that are supporting bitcoin prices?No.On the contrary, regulators are trying to discourage interest in bitcoin.Just look to China, where itsmajor bitcoin exchanges were effectively shut down last month by government officials.Butas noted by Elaine Ou inBloomberg View, even China cant kill bitcoin.Bitcoin prices briefly fell upon the news, but quickly recovered and marched higher.Theyre up more than 25 percent in the three weeks since China tried to control trading.

And when it comes to moral hazard, there are no signs of it in bitcoin land.No one bailed out those who lost millions whenbitcoin exchange Mt. Gox filed for bankruptcy.No regulator prevented or intervened to managethe governance disputes that arose on the bitcoin algorithm.Many bitcoin market participants are transacting with open eyes, fully aware of the risks of doing so.There is no FDIC protection, no Federal Reserve put.Lens four: blank.

Kolin Burges, a self-styled cryptocurrency trader and former software engineer who came from London, holds a placard to protest against Mt. Gox. Tokyo-based Mt. Gox was a founding member and one of the three elected industry representatives on the board of the Bitcoin Foundation. Photo by Toru Hanai/Reuters

An application of epidemic logic to the study of financial bubbles can help gauge the relative maturity of manias.If we analogize an investment hysteria to a fever or flu spreading through a population, the variables of concern to us would include the infection rate, the removal rate, and perhaps most importantly, the percentage of the population not (yet) affected.The last metric can be thought of as the fuel available to keep the fire burning.Once we run out of people to infect, so to say, the partys over.New demand will disappear.Prices will fall.

When it comes to bitcoin, the number of potential buyers (that is, those still vulnerable to infection) is very large indeed.To begin, its not particularly easy to buy bitcoin, and thats deterred institutional investors.Specialized exchanges, online wallets and the need to protect private keys create huge friction in transactions, keeping many potential bitcoin buyers away.There isnt an ETF, at least not yet.Stay tuned, however, asan ETF is in the works.And if approved (well know more later this month), theWall Street Journalnotesit might generate a buying frenzy with up to $300 million of inflows during the first week alone, a volume that dwarfs the currently traded daily value of any bitcoin exchange.

READ MORE: Alleged Bitcoin creator comes forward, but questions remain

And with a current market capitalization of around $20 billion, the bitcoin market is miniscule relative to its potential.Consider that the value of privately held gold is in the trillions of dollarsor that the global remittances (a potential use for cryptocurrencies like bitcoin) currently tally into the hundreds of billions of dollars. The bottom line is that bitcoin just isnt as widely held or used as it could be.There is still an enormous population of potential buyers waiting on the sidelines.Andin a recent Twitter poll conducted by investor Mark Hart, only 22 percent of respondents indicated that they were Max Long bitcoin, with 49 percent Planning to buy/add or Curious.Lens 5: blank.

So on my five-point scale, with five being a virtually certain bubble likely to burst imminently, bitcoin only registers one and half points.On the margin, this means that the stage may be set for it to become a bubble, but it doesnt appear to be one yet.It may one day become a full-blown bubble with high bursting risk, but the evidence doesnt suggest were there yet.Recall that government attempts to contain bitcoin have failed, anointing the cryptocurrency with a forbidden fruit status and driving new demand.Or that the possibility of an ETF or other investment instrument may emerge to ease the frictions of purchasing bitcoin.

While short-term price corrections are always possible, there are compelling reasons to believe the long-term outlook for blockchain-enabled currencies like bitcoin is bright.

And the promise of smart contracts inspires visions of unprecedented demand for digital currencies. In fact, just yesterday, a collection of large companies including Microsoft and JP Morgan announcedthey would be forming the Enterprise Ethereum Alliance.Ethereum is a distributed computing platform based on blockchain technologies that features the ability to design smart contracts.The cryptocurrency native to Ethereum isether, and its beencalledthe hottest new thing in digital currency.As the standard-bearer for cryptocurrencies, bitcoin will benefit from any attention ether generates. (Full disclosure: I own both bitcoin and ether.)

While short-term price corrections are always possible, there are compelling reasons to believe the long-term outlook for blockchain-enabled currencies like bitcoin is bright.If youre looking for beanie babies, you best look elsewhere.

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Column: Is the boom of bitcoin a bubble that's about to burst? - PBS NewsHour

By Arnav Joshi

Virtual currencies like Bitcoin are all the rage in FinTech, and could potentially transform global commerce in the years ahead. Users are adopting them in the thousands each day and the value of trade in these currencies is witnessing unparalleled growth.

The world over, regulators are working out carefully-crafted regulations to foster Bitcoin growth. In India, however, even with the new cashless push by the government and existing Bitcoin trade spiking post-demonetisation, the Reserve Bank of India (RBI) continues to shy away from recognising and regulating virtual currencies.

On February 1, the RBI issued a yet another cautionary press release, on the back of an earlier one issued in December 2013, warning users of a risk they are likely to already be aware of -- that it (the RBI) does not regulate and has not licensed any virtual currencies in India, and anyone using them does so at their own risk.

A month later, on March 1, RBI Deputy Governor R. Gandhi raised concerns over virtual currencies, saying they pose potential financial, legal, customer protection and security-related risks.

While the central bank seems to be insulating itself from the repercussions of these currencies remaining unregulated, their use continues to grow exponentially across the world, including in India.

As of an August 2016 (pre-demonetisation) estimate, the number of Bitcoin (the most prominent of several virtual currencies) users in India stood at 50,000 and growing. India now also has a large number of prominent Bitcoin exchanges such as BTCXIndia, Coinsecure, Unocoin and Zebpay. Globally, by some estimates, Bitcoin users alone could breach five million by 2019.

The latest red flag from the RBI may well have been prompted by the recent surge in the price of Bitcoin on Indian Bitcoin exchanges post-demonetisation. Bitcoin is freely tradable currency, and has its own exchanges (including in India) where users can sign up and speculate, buy and sell Bitcoins for other currencies (such as the rupee).

After the cash ban, Bitcoin was quoted to be inflated 20-25 per cent over cost. As of March 2, Bitcoin was trading at Rs 90,000 to a single Bitcoin. In October 2016, this value was Rs 40,000 to a Bitcoin.

The question that arises then is how long can the RBI afford to adopt a hands-off approach to virtual currencies, when regulators elsewhere are adopting proactive measures?

The RBI's research wing, the Institute for Development & Research in Banking Technology, issued a white paper on the applications for blockchain technology in the banking and financial sectors in India in January 2017, which acknowledges the prominence of virtual currencies, but steers towards the underlying distributed ledger (blockchain) technology, rather than virtual currency regulation.

A large number of countries, not just in the West but in India's own neighbourhood, have either adopted or are close to adopting virtual currency regulation in some form. These include China, Russia, Singapore and the Philippines, which issued guidelines for virtual currency exchanges as recently as January.

Interestingly, the precursor to regulation in a number of these countries were warnings similar to those issued by the RBI. However, these warnings largely came around 2013, at a time when the understanding of the technology and the use of virtual currencies was much lesser than it is today.

In 2017, when users, trading and payments in these currencies are growing and maturing faster than ever, the warn-watch-wait approach simply will not work.

There are a number of downsides to not bringing in regulation when virtual currency use in India is still modest. Prominent among these is that regulation which kicks in when products and technologies have become systemic will invariably cause friction between regulators on the one hand, and businesses and users on the other, requiring stakeholders to make slow and possibly expensive changes to the way they transact.

Another issue is the key role regulation plays in consumer awareness and security. While the RBI may sleep soundly having issued its caveat emptor, given the attractive investment opportunity and ease of use and access virtual currencies offer, users are likely to throw caution to the wind and invest anyway.

The clear downside to this is that investors will likely fall prey to unregulated and unscrupulous Bitcoin exchanges and wallet operators (similar to a Paytm or Mobikwik, but exclusive to storing Bitcoin). Without any oversight, these operators rely on self-regulation. They could have severe gaps in data security, could charge exorbitant interest and transaction fees, and in a worst-case scenario, disappear with investor money altogether.

More importantly, the jury is still out on whether virtual currencies can be used to pseudonymously finance crime, including terrorism, and given the sensitive security scenario in India, it is important for the government to understand, and for the law to control, who can buy them and what they can do with them. As transactions grow, so will the chances and potential for virtual currency-related fraud.

Legal scholars Jack Goldsmith and Timothy Wu have said "government regulation works by cost and bother, not by hermetic seal", which appears to be the line the RBI is taking on virtual currencies.

With emerging technologies, however, especially those as radical as virtual currencies, governments are increasingly learning that the cost and bother of reactive regulation can be substantially greater than proactive regulation.

If the Indian government is serious about its cashless drive, it will have to consider virtual currencies as an integral part of the panacea being touted for our archaic economy.

It is up to the government and the RBI to lead the way by bringing forward-looking regulation for virtual currencies sooner rather than later, because there is already much catching-up to do.

The writer is a Senior Associate at J. Sagar Associates and advises internet and emerging technology clients. Views expressed are personal. He can be contacted at arnav.jo@gmail.com

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Bitcoin: Can RBI ignore the elephant in the room? - Economic Times

Time to Be Long Bitcoin (BTC) Investopedia I jumped on board the Bitcoin train last year and added it to my research platform. Our clients really enjoy it, whether they are actively trading it or just interested in the product. But of the biggest reasons why I decided to start including it in ...

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Time to Be Long Bitcoin (BTC) - Investopedia

You may have heard of the gold standard, but it seems that a type of online currency is making a bid for supremacy in the financial world.

Reports yesterday indicate that the price of one bitcoin surpassed the price of one ounce of gold for the first time ever. While both are considered alternative assets by the financial community, it gives some credence to past claims that the online currency might one day reign supreme for investors.

For those who dont know, bitcoin is a type of digital currency that consumers hold electronically. However, unlike other forms of currency, it is sent from one entity to another and is not controlled by a central source, like a bank. The cryptocurrency has a number of advantages, which consumers can learn about in the video below. However, due to the anonymity associated with its trading, it has also been used for a number of scams and illicit activities.

While the value of bitcoin has gone up and down since it was introduced to the market, its recent increase in value may indicate that investors are taking it more seriously. Currently, traders of the currency are awaiting an SEC decision that would allow Winklevoss Bitcoin ETF to become the first bitcoin exchange-traded fund (ETF) in the U.S. market.

The ruling, which is set to be announced on March 11, would open the digital currency to a wider range of investors. However, some analysts have said that the bitcoin ETF has less than a 25% chance of being approved, according to an earlier CoinDesk report.

As of Friday morning, gold had once again climbed back over bitcoin in value; one bitcoin was selling for $1,284.58, while one ounce of gold was selling for $1,319.60.

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Bitcoin passes gold in value for the first time ever - ConsumerAffairs

BBC News

'I bought Bitcoins in 2011 - now they're worth 19000' BBC News "For years critics have said Bitcoin will never last - that its value will drop, that it will never be adopted, and even that it's some kind of ponzi scheme," he told Newsbeat. "Today's all time high is another example of how, year on year, Bitcoin is ...

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'I bought Bitcoins in 2011 - now they're worth 19000' - BBC News

One unit of so-called digital gold is now worth more than an ounce of the real thing.

The price of a single bitcoin US:BTCUSD rose to an all-time high of $1,251.32 on Thursday, surpassing the price of a single ounce of gold, according to CoinDesks bitcoin price index. Bitcoin traded on certain Chinese exchanges briefly overtook gold in early February. But this is the first time in the digital currencys eight-year history that it has done so according to most widely used bitcoin-price benchmarks.

Many bitcoin watchers, including Charles Hayter, chief executive officer and founder of CryptoCompare, a company that provides data and analytics about digital currencies, have pointed out that bitcoin has a positive correlation with gold. They argue that investors are becoming more comfortable with the digital currency, making them more willing to buy it when more conventional markets like stocks are under duress.

Unlike gold, investors who wish to gain exposure to bitcoin, but are reluctant to buy coins directly, have few available options. The Securities and Exchange Commission is weighing whether to approve the Winklevoss Bitcoin Trust, one of three proposed bitcoin ETFs under consideration. A decision is expected by March 11. Accredited investors can buy into the Grayscale Bitcoin Trust GBTC, +3.37% but shares often trade at a premium to bitcoins net-asset value.

Read: Has bitcoin matched golds status? One expert weighs in

Read: Bitcoin could soar if the Winklevoss ETF is approved

Read: Should you invest in a bitcoin ETF?

Spencer Bogart, a researcher at Blockchain Capital and former analyst at Needham & Co., believes the chances of approval are low. But if it does happen, he says bitcoins valuation could experience an even larger increase in valuation than gold did after the 2004 launch of the iShares SPDR Gold Trust, the first gold ETF GLD, -1.38%

The Commodity Futures Trading Commission has classified bitcoin as a commodity, like gold. However, there is at least one important difference between the two: With a total market capitalization around $20 billion, the bitcoin market is much, much smaller, and far more volatile, than the market for the yellow metal.

And many gold enthusiasts remain skeptical. In an interview with CNBC earlier this week, Peter Schiff, the chief executive of Euro Pacific Capital and longtime goldbug, compared bitcoin with the Beanie Babies craze that captivated Americans during the mid-to-late 1990s.

Its digital fools gold, he said.

Gold GCJ7, -1.36% has risen nearly 8% this year, with one ounce trading at $1,242 on Thursday. By comparison, bitcoin has risen more than 25%.

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Bitcoin is now worth more than an ounce of gold for the first time ever - MarketWatch

The price for a single bitcoin exceeded the price of an ounce of gold for the first time ever Thursday, but the digital currency isnt ready to join gold or silver as a reliable long term store of value, Paul Mladjenovic, author of Precious Metals Investing for Dummies, told MarketWatch.

I want to see a lot more stability and I want to see that [bitcoin] has the same characteristics of durability that gold and silver have had over not just years but centuries, Mladjenovic said in a Facebook Live interview.

The price of a single bitcoin US:BTCUSD rose to an all-time high of $1,251.32 on Thursday, according to CoinDesks bitcoin price index. April gold futures on Comex GCJ7, -1.34% changed hands at $1,233.20 an ounce, down 1.4% on the day. For the year to date, gold is up more than 7%, while bitcoin is up more than 25%.

See: Bitccoin is now worth more than ounce of gold for the first time ever

Some view the eight-year-old cryptocurrency as a proxy for gold and silver because of its limited supply, Mladjenovic said. But its relatively short record and volatile action mean it has yet to achieve the same status, he said, arguing that bitcoin remains a speculators market.

Bitcoin has been in rally mode since early 2015, boosted in part by increased Chinese demand. Recent gains have also been attributed to expectations the Securities and Exchange Commission could soon authorize the creation of the first bitcoin exchange-traded fund.

The price of a single coin rose as high as $1,242 on some exchanges in late 2013 before the collapse of Mt. Gox, which was one of the largest digital currency exchanges. Bitcoin slumped to a low of $200 in the ensuing bear market.

Mladjenovic discussed a number of other topics related to gold and precious metals investing in the Facebook Live interview. He expects gold to rally amid a pickup in global inflation pressures. Watch the full interview here:

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Has bitcoin matched gold's status? One expert weighs in - MarketWatch

Scaling bitcoin remains one of the more pressing matters in the cryptocurrency space right now. Although it may take a few more months until a viable solution is found that pleases the majority of the miners, it appears SegWit is in a prime position to get activated. After all, Segregated Witness is clearly ahead of Bitcoin unlimited, as this latter solution is seeing its support dwindle rather quickly.

A lot has been said about Segregated Witness and Bitcoin Unlimited in the past. While not everyone may see eye-to-eye on which concept is better, the entire debate has turned into a political mockery as of late. With community members of either solution trying to dissuade others from gathering all of the facts, it is evident something will have to change sooner rather than later.

Most mining pool support either SegWit or Unlimited, it is evident the majority of miners are in favor of Segregated Witness activating on the network. That being said, SegWit has 27% support right now, whereas it needs roughly 95% before it can effectively activate on the network moving forward. It will take some time until this threshold is reached, yet things have been evolving in the right direction these past few weeks.

Bitcoin Unlimited is losing support rather quickly, albeit no one is entirely sure why this is the case. A few weeks ago, Bitcoin Unlimited support was on par to surpass SegWit numbers, yet that trend did not materialize in the end. In fact, the support has dropped from nearly 23% to 16.7%, indicating miners are slowly backing off from pools supporting Unlimited.

Moreover, some Bitcoin experts have grown concerned over what the future may hold for bitcoin. Charlie Lee publicly stated how he feels Bitcoin Unlimited supporters are effectively trying to keep this issue ongoing. After all, users are forced to pay higher transaction fees as long as bitcoin does not scale to accommodate a bigger block size. It can be in some miners and pools best interest to keep blocking scalability in an effort to earn more money from the increasing transaction fees. Whether or not that is the objective for some people, remains unclear.

It is evident blocking SegWit adoption and activation is not in the best interest of bitcoin by any means. Miners clearly favor this solution over Bitcoin Unlimited, which makes it very likely to activate on the network in the near future. Although a lot of pools still have to integrate SegWit support, the list of companies supporting this solution has been growing steadily these past few months. An activation of Segregated Witness may be imminent, although the timeframe remains a bit unclear for the time being.

With support from some of the worlds largest bitcoin mining pools, it is evident SegWit is the only solution with a legitimate chance of activating on the network. Over 800 out of the latest 1,000 network blocks were mined through pools running the Bitcoin Core client. Moreover, 78.52% of the networks hashrate belongs to pools running Bitcoin Core. Unlimited is not a bad scaling solution by any means, but SegWit is superior in all regards, according to the statistics.

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Bitcoin's SegWit Activation is Only A Matter of Time - The Merkle